This volume is one of a series of reports on the state of the budget and the economy that CBO issues each year. It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to provide baseline projections of the federal budget. Because economic and budgetary circumstances have changed significantly in recent months, this report is being released several weeks earlier than usual to aid the new Congress in its deliberations. In accordance with CBO’s mandate to provide impartial analysis, the report makes no recommendations.
